Son of Boss

The tax shelter allegedly collected over $6 billion in estimated understatements of taxes due from approximately 1,800 taxpayers. The US Internal Revenue Service has recovered $3.2 billion in unpaid taxes, interest and penalties from users of the illegal Son of Boss tax shelter. The company used financial products, such as currency options and government securities, to create artificial tax losses to offset profits from asset sales. (Mar-24-05)

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